NUBD vs. NUMI

Last updated Jun 25, 2026

NUBD (Nuveen ESG U.S. Aggregate Bond ETF) and NUMI (Nuveen Municipal Income ETF) are both exchange-traded funds - NUBD is a Intermediate Core Bond fund tracking the Bloomberg MSCI U.S. Aggregate ESG Select Index, while NUMI is a Municipal Bonds fund actively managed by Nuveen. NUBD is passively managed, while NUMI is actively managed. Over the past year, NUBD returned 4.25% vs 7.01% for NUMI. A 0.63 correlation means they provide meaningful diversification when combined. NUBD charges 0.15%/yr vs 0.29%/yr for NUMI.

Performance

NUBD vs. NUMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG U.S. Aggregate Bond ETF (NUBD) and Nuveen Municipal Income ETF (NUMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUBD achieves a 0.86% return, which is significantly lower than NUMI's 1.69% return.

NUBD

• 1D: 0.50%
• 1M: 1.07%
• YTD: 0.86%
• 6M: 0.70%
• 1Y: 4.25%
• 3Y*: 3.94%
• 5Y*: 0.04%
• 10Y*: —

NUMI

• 1D: 0.10%
• 1M: 1.11%
• YTD: 1.69%
• 6M: 1.63%
• 1Y: 7.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

NUBD vs. NUMI - Yearly Performance Comparison

	2026 (YTD)	2025
NUBD Nuveen ESG U.S. Aggregate Bond ETF	0.86%	6.89%
NUMI Nuveen Municipal Income ETF	1.69%	3.78%

Correlation

The correlation between NUBD and NUMI is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.63

The correlation between NUBD and NUMI has been stable across timeframes, ranging from 0.55 to 0.63 - a consistent structural relationship.

Return for Risk

NUBD vs. NUMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NUBD

NUBD Risk / Return Rank: 33
NUBD Sharpe Ratio Rank: 34
NUBD Sortino Ratio Rank: 34
NUBD Omega Ratio Rank: 32
NUBD Calmar Ratio Rank: 34
NUBD Martin Ratio Rank: 32

NUMI

NUMI Risk / Return Rank: 70
NUMI Sharpe Ratio Rank: 74
NUMI Sortino Ratio Rank: 79
NUMI Omega Ratio Rank: 85
NUMI Calmar Ratio Rank: 58
NUMI Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NUBD vs. NUMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG U.S. Aggregate Bond ETF (NUBD) and Nuveen Municipal Income ETF (NUMI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NUBD	NUMI	Difference
Sharpe ratio: Return per unit of total volatility	1.13	2.06	-0.94
Sortino ratio: Return per unit of downside risk	1.65	3.06	-1.41
Omega ratio: Gain probability vs. loss probability	1.20	1.45	-0.25
Calmar ratio: Return relative to maximum drawdown	1.54	2.50	-0.95
Martin ratio: Return relative to average drawdown	4.30	7.69	-3.39

NUBD vs. NUMI - Sharpe Ratio Comparison

The current NUBD Sharpe Ratio is 1.13, which is lower than the NUMI Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of NUBD and NUMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NUBD vs. NUMI - Drawdown Comparison

The maximum NUBD drawdown since its inception was -19.45%, which is greater than NUMI's maximum drawdown of -4.72%. Use the drawdown chart below to compare losses from any high point for NUBD and NUMI.

Drawdown Indicators

	NUBD	NUMI	Difference
Max Drawdown Largest peak-to-trough decline	-19.45%	-4.72%	-14.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-2.82%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-5.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.90%	—	—
Current Drawdown Current decline from peak	-3.29%	-0.47%	-2.82%
Average Drawdown Average peak-to-trough decline	-6.04%	-1.36%	-4.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	0.91%	+0.08%

Volatility

NUBD vs. NUMI - Volatility Comparison

Nuveen ESG U.S. Aggregate Bond ETF (NUBD) has a higher volatility of 1.17% compared to Nuveen Municipal Income ETF (NUMI) at 0.60%. This indicates that NUBD's price experiences larger fluctuations and is considered to be riskier than NUMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUBD	NUMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	0.60%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	2.76%	2.20%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	3.80%	3.41%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.99%	4.31%	+1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.11%	4.31%	+0.80%

NUBD vs. NUMI - Expense Ratio Comparison

NUBD has a 0.15% expense ratio, which is lower than NUMI's 0.29% expense ratio.

Dividends

NUBD vs. NUMI - Dividend Comparison

NUBD's dividend yield for the trailing twelve months is around 3.96%, more than NUMI's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUBD Nuveen ESG U.S. Aggregate Bond ETF	3.96%	3.90%	3.51%	2.99%	2.83%	2.05%	2.21%	2.66%	3.08%	0.58%
NUMI Nuveen Municipal Income ETF	3.65%	3.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NUBD and NUMI in my portfolio?

NUBD and NUMI have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUBD or NUMI?

NUBD has higher volatility (1.17%) compared to NUMI (0.60%). In terms of maximum drawdown, NUBD dropped -19.45% vs NUMI's -4.72%.

Which ETF is better, NUBD or NUMI?

On 1-year performance, NUMI leads with 7.01% vs 4.25% for NUBD. On fees, NUBD is cheaper at 0.15% per year. On volatility, NUMI has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUBD or NUMI?

Over the 1-year period, NUMI has performed better with a 7.01% return vs 4.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUBD or NUMI?

NUBD is cheaper with a 0.15% expense ratio, compared with 0.29% for NUMI.

Which ETF pays a higher dividend yield, NUBD or NUMI?

NUBD has the higher dividend yield at 3.96%, compared with 3.65% for NUMI.

What is the main difference between NUBD and NUMI?

NUBD is categorized as Intermediate Core Bond, while NUMI is Municipal Bonds. Their fees differ too: 0.15% for NUBD and 0.29% for NUMI.

Which has better risk-adjusted returns?

NUMI currently has the higher Sharpe Ratio (2.06 vs 1.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.